3.01% Reward Checking Account at a Texas Bank (State National Bank of Texas)


Update 4/24/09: The top yield has fallen to 3.01% APY. See bottom of the post for the rate history.

State National Bank of Texas is offering a reward checking called Premium e-Checking. It pays 3.01% APY on balances up to $100K (1.01% for over) and automatically refunds ATM fees if the following monthly requirements are met: 1) 15 Visa Check Card purchases, 2) one ACH direct deposit or debit, and 3) pay one bill using their free Internet Bill Pay service, and 4) receive statements online. If these are not met, the rate falls to 0.25%. The minimum balance required to open this account is $100.

This reward checking has a few more requirements than what's typical, but it has a high $100K cap which could make the extra hoops worthwhile for those with large balances. Typically, the cap is $25K.

It appears to require a branch visit. I've sent them an email to verify. Branches are located in the Wichita Falls, Texas area. The bank has been FDIC insured since 1934 (Certificate # 3270). It has $147.7 million in assets and $133 million in deposits.

Other Reward Checking Accounts

For other reward checking accounts in other parts of the country, please see my reward checking account page and my best checking account post.

Rate History:
04/23/09: 3.01% APY
11/21/08: 4.01% APY
04/16/08: 5.01% APY
12/05/07: 6.01% APY
Anonymous   |     |   Comment #1
Just got off the phone with my bank that offers a Reward Checking Account. They were questioning a $1.00 charity transaction I had made in case it was fraudulent. Has anyone else run into a similar problem over any of their $1.00 monthly transactions? Thanks.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #2
Sounds like you may already be aware of this FW thread. It seems odd that they would question such a transaction.
glxpass (anonymous)   |     |   Comment #3
I haven't run into that problem, but I posted a link in that thread to an article discussing cybercriminals doing these transactions in order to test the validity of stolen account information. Here's the article.
Anonymous   |     |   Comment #4
FYI. Spoke to an account opening individual today as I was considering the 120 mile trek from dfw to open this. The rate is going to 5.01 on Wednesday 4/16.... so that soured my interest a little in driving over there, especially considring no Saturday hours to open accounts.
Anonymous   |     |   Comment #5
Rate down to 5.01%
DavidScubadiver (anonymous)   |     |   Comment #6
It is not uncommon to have a $1.00 charge flagged for review. Nor is it uncommon to have a series of small payments flagged for review. Usually the people who call you have no interest in what you are doing, they truly just want to know if it is you who are doing it, since fraudsters typically make small transactions to test the card.